BMO Money Team (TSX: BMO) (NYSE: BMO) now introduced it has joined the Partnership for Carbon Accounting Financials (PCAF).
“Becoming a member of the Partnership for Carbon Accounting Financials supports BMO’s management placement on weather-connected hazard and option,” explained Michael Torrance, Chief Sustainability Officer, BMO. “By joining we are supporting the improvement of major methodologies to track and report financed emissions which will tell our possibility evaluation and climate strategy going forward.”
BMO continues to make important progress on its Reason commitments to double the superior for a sustainable upcoming, thriving economic climate and inclusive society. In 2019 BMO dedicated to mobilizing $400 billion in sustainable finance by 2025, which includes lending, underwriting and investing $150 billion in companies pursuing sustainable outcomes, and aligning $250 billion in shopper investments to sustainable aims. By 2020 the lender had realized 71 for each cent of its $150 billion target and surpassed its $250 billion target.
BMO is a strong supporter of the Undertaking Force on Weather-similar Fiscal Disclosures (TCFD) and has been performing to implement the TCFD’s tips and develop courses, ways and disclosures that align with the TCFD framework. By joining PCAF and committing to evaluate and disclose the GHG emissions linked with its portfolio of loans and investments utilizing PCAF methodologies, BMO is advancing its technique to local climate-related threat and chance, enjoying its aspect to advance the ambition for a net zero world.
“PCAF is incredibly happy that BMO has joined around 95 economic establishments globally that are fully commited to measuring and disclosing the emissions of their portfolios to assistance assembly the aims of the Paris Local weather Settlement,” explained Chris Snyder, North The us Lead of the PCAF Secretariat. “BMO continues to demonstrate environmental management toward a minimal carbon long term via its collaboration with PCAF.”
BMO Monetary Group’s steps on sustainability and in the direction of a sustainable upcoming include things like:
In 2019, BMO unveiled its Goal to Boldly Improve the Fantastic in business enterprise and lifetime, asserting commitments to double the fantastic for a thriving overall economy, sustainable long run, and inclusive society
In 2020, BMO released BMO EMpower, a $5 billion determination over five a long time to tackle important obstacles faced by minority businesses, communities, and family members in the United States
In 2019, BMO issued a $500 million USD Sustainability Bond with use of proceeds tied to the UN Sustainable Growth Plans
In October 2020, BMO achieved a crucial milestone in matching 100 for each cent of electrical power use with renewable energy
In May well 2020, BMO signed the Running Ideas for Impression Investment decision, a gold typical for effect expense fund administration, created by the International Finance Corporation of the World Bank
Earth-course sustainability disclosure, together with on climate-similar pitfalls and alternatives in line with the Taskforce on Weather-relevant Money Disclosures (TCFD) and the Sustainability Accounting Criteria Board (SASB) standards
Initial Canadian financial institution to sign the UN Women’s Empowerment Rules in 2019. In 2018, BMO committed to make $3 billion in money obtainable to females company owners in Canada over a few decades
BMO’s management on sustainability has been identified on various rankings, which include:
Ranked 15th on the Wall Road Journal’s 2020 list of the 100 Most Sustainably Managed Companies in the Environment, third overall on Social Capital, only lender in North The usa
Leading North American lender on Corporate Knights’ 2021 World 100 Most Sustainable Organizations in the Environment for the 2nd 12 months in a row
Rated in the leading 10% of banking institutions globally on the Dow Jones Sustainability Index
Scored an A- on the 2020 CDP Climate Modify Questionnaire
Ethisphere® Institute’s checklist of the 2020 World’s Most Ethical Companies®
Bloomberg Gender-Equality Index (2021) for the sixth 12 months in a row
Forbes 2020 Best Companies for Variety (United States)
Corporate Knights 2020 Most effective 50 Corporate Citizens in Canada